Grantor Subsidiaries definition
Examples of Grantor Subsidiaries in a sentence
In order to secure the Obligations, the Company and the Grantor Subsidiaries have entered into and delivered to the Collateral Agent the Subordinated Security Agreement and the other Security Documents, in each case, to which they are a party, to create the Liens on the Collateral securing their respective Obligations.
All representations made in the Collateral Documents entered into on or prior to the Amendment Effective Date continue to be true on and as of the Amendment Effective Date and the Borrower and the Grantor Subsidiaries continue to be in compliance with all of their respective covenants and obligations under the Collateral Documents entered into on or prior to the Original Effective Date on and after the Amendment Effective Date.
In order to secure the Obligations, the Company and the Grantor Subsidiaries have entered into and delivered to the Collateral Agent the Senior Security Agreement and the other Security Documents, in each case, to which they are a party, to create the Liens on the Collateral securing their respective Obligations.
Until the occurrence of a Collateral Event of Default, the Issuer shall, and shall cause each of the Grantor Subsidiaries to, possess, manage, operate and enjoy, as applicable, the Collateral in accordance with the terms hereof and of the Master Collateral and Intercreditor Agreement and the Collateral Documents.
Borrowers shall, and shall cause each of the Grantor Subsidiaries to, promptly after the acquisition thereof, grant to Lender a first priority deed of trust or mortgage lien on any parcel of real property acquired by it having a market value of $1,000,000 or more, with the documents and agreements governing such transaction to be satisfactory in form and substance to Lender.
The Borrower shall deliver a Grantor Subsidiary Joinder dated as of the date hereof in accordance with the Facility Agreement pursuant to which the signatories thereto shall become Grantor Subsidiaries for all purposes of the Facility Agreement.
It is understood and agreed, that each of the Account Party and the Grantor Subsidiaries hereby authorizes the Administrative Agent to make any transfers of interest accruing on Cash Collateral in accordance with the preceding sentence.
To secure the payment and performance of the Obligation, the Borrowers and the Grantor Subsidiaries shall grant to Lender a perfected, first priority (except for Permitted Liens) Lien in all assets of such companies, including capital stock of certain Subsidiaries, accounts receivable, inventory, equipment, general intangibles of such companies (the "COLLATERAL"), as described in the Collateral Documents.
The Securities will not be redeemable prior to the Maturity Date.
For avoidance of doubt, it is expressly agreed that a request by Collateral Agent that Borrower and any Grantor Subsidiaries execute and deliver Control Agreements after the initial Credit Extension is a reasonable request.